The Oklahoma Geological Survey said that market conditions have cutbacks from oil and natural gas production.
Tags: Oil
Oil Prices Continue to Fall as Dollar Strengthens, Inflation Fears Grow
Oil prices fell further as the dollar rose on market predictions that inflation will delay US interest rate reductions that have limited global fuel demand growth.
Oil Prices Surge Over 3% Amid US Warning of Houthi Militants in the Red Sea
Oil prices surged over 3% on Wednesday following a warning from the US regarding Houthi militants' activities in the Red Sea.
US Buys 3 Million Barrels of Oil to Replenish Strategic Reserve
The United States has successfully finalized contracts to buy three million barrels of oil to help replenish the Strategic Petroleum Reserve (SPR) following last year's record-setting sale, the US Department of Energy disclosed.
Oil and Gas Industry Rises on Trump's Washington
The il and gas industry had slowly rising under Trump's winning as the next President of the United States.
Latest News
No good profit is expected for the oil investment in 2017. Oil production investment is expected to likely to fall for a third year in 2017 as a global supply glut persists, stoking volatility in crude markets, the head of the International Energy Agency (IEA) said on Thursday.
For the first time need to withdraw cash sovereign wealth fund as western Europe's bigget oil exporter.
Saudi Arabia just got a negative rating from Fitch, from AA to AA-. The downgrade is due to the oil-rich kingdom's decision to slash its average oil price assumptions from $35 to $45 a barrel for 2016 and 2017.
Nigeria is suffering from fuel shortages as well as lack of hard currency. Four major oil companies agreed to finance the country’s $200 million fuel import along with the lack of the dollars to sustain the country’s fuel needs.
UAE venture capital firm BECO Capital expects that the tech sector will spur amid the slowdown in the economy due to low oil prices. Especially in the region, the firm projects that tech startups will face a significant growth as the government seek to achieve diversification to non-oil sectors.
The newly-elected managing director of the IMF, Christine Lagarde, spoke at the Global Women’s Forum 2016 regarding the global economy, especially in the wake of the China economic slowdown. Despite the prolonged slowdown, the IMF foresee that China’s lower growth was deliberate and healthy.
Asian shares fell back from a seven-week high on Tuesday as oil prices fell more than 2 percent. The sudden drop happened after the Asia-Pacific indices rose to its highest level since the beginning of the year, after seeing the rise in oil prices before reversing back.
The oil services company Paragon Offshore Plc filed chapter 11 bankruptcy after the announcement of debt plan. The main reason is to avoid protracted legal battles involving its former parent, Noble Corp.
The loss is combined from its corporate service unit and its three refineries. The total annual loss was consistent with the company's continuing monthly loss over the past year. Nigeria, as Africa's biggest economy and largest oil producer, has been greatly suffered the oil prices fall.
